Meanwhile, stock indexes dropped over 3% in France, Spain, Taiwan, the Philippines and India—and the dollar fell 1.9% against the yen. “The global credit crisis has permeated through all markets,” said an analyst. Europe’s Dow Jones index dropped 2.7% and the MSCI Asia Pacific, excluding Japan, sank 1.5%. “It’s mayhem,” said an expert. "If you thought the US economy was slowing, that fear has been amplified, with implications for global economic activity."